Quay Mid-Day Market Update

The Australian Share Market continuing its negative momentum as a poor Wall Street lead combined with further weakness in the financial sector to send markets lower. The market was already going to be cautious ahead of the ABS employment data to be released while also digesting news of a capital raising from NAB while the bank also reported its first half numbers. Plenty of activity this morning, Market Turnover into lunch was $2.643 billion. Yesterday we saw a big day of selling, the first time we have seen some substance behind. What I have seen after the open is plenty of interest in ANZ, they go ex-dividend tomorrow and even though all the market reporters are saying the yield play is over, don’t fully believe this, there will be plenty of interest in yield and I expect some price action in the stock this afternoon. Employment data continuing to be volatile, showing a correction in data after a couple of months of outperformance... For the entire wrap please visit (VIEW LINK)


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